Abu Dhabi’s IHC reports 18% jump in first half profit

Image credit: Supplied

Abu Dhabi conglomerate International Holding Company (IHC) said its first-half net profit rose 18 per cent to Dhs12.3bn from Dhs10.4bn a year ago, driven by robust growth and acquisitions in core divisions, including energy, mining, and agriculture and food.

IHC reported revenues of Dhs41.7bn in H1 2024, up 46 per cent year-on-year (YoY) compared to Dhs28.7bn for the same period a year earlier as the conglomerate sustained its growth trajectory.

The holding firm’s financial position is backed by its total assets of Dhs362.9bn as of June 30, underscoring its ability to navigate dynamic market conditions while maintaining steady growth.

“Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally. Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader,” said Syed Basar Shueb, the CEO of IHC.

Shueb said the company’s financial health and dynamic approach to investment ensure that “we are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond.”

Meanwhile, IHC created a new trade-focused holding company, Rorix Holdings, to accelerate trade volumes, attract foreign investment, and foster economic partnerships. The holding firm will offer financial services, trade finance solutions, advisory, commodities, and trade insurance sectors.

The launch of Rorix marks IHC’s second new hold company in the first half of the year, following the establishment of 2PointZero earlier in January.

The Dhs100bn ($27bn) investment vehicle boasts a diverse portfolio, featuring Abu Dhabi’s latest fund, Lunate, International Resources Holding, private investment firm Chimera, Egypt’s Beltone Financial, crypto mining firm Citadel Technologies and Middle East-centric Sagasse Investments.

In June, IHC’s shareholders gave the green light to a $1.36bn (Dhs5bn) share buyback plan, which accounts for approximately 0.6 per cent of the conglomerate’s capital.

Formerly known as International Fish Farming Holding, IHC has grown exponentially to encompass over 900 subsidiaries and boasts a market capitalisation of Dhs891.7bn as of August 7, 2024—surpassing the market value of major global brands like Walt Disney, McDonald’s, and L’Oréal.

Read: Syed Basar Shueb on how IHC is cracking the growth code